Teddy Company began operations on January 1, 20x1. The company has an accounts receivable balance of $411,100 at the end of its accounting period on December 31, 20x1. This balance includes some past due accounts. Based on industry averages, Teddy estimates that $15,640 of the December 31 accounts receivable will become uncollectible. At this time, Teddy Compan w time, Teddy Company does not know which customer accounts will become uncollectible Hide The adjusting entry that Teddy Company should record for bad debt expense on December 31, 20X1 is: 12/31/X1 On the income statement, the Bad Debt Expense will be matched against revenues On the balance sheet, the Alowance for Doubtful Accounts will be On the balance sheet, the Allowance for Doubtful Accounts will be the balance in Accounts Receivable. This amount is called the net realizable value- and represents the amount that the company expects ubtracted from to collect on its accounts receivable. Teddy Company's Accounts Receivable and Allowance for Doubtful Accounts on December 31, 20X1, before adjusting entries, are shown below. Update these T-accounts for the ccounts after adjusting entries have been made. Accounts Receivable 12/31/X1 $411,100 12/31/x1